Refer to the graph below. The movement from __________ to __________ is consistent with a successful advertising campaign that claims wool keeps you warm.
a. Point A; Point B
b. Point A; Point F
c. Point A; Point D
d. Point A; Point H
b. Point A; Point F
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Which of the following will cause the demand curve for a normal good to shift to the right?
a. a decrease in income b. an increase in the price of a complementary good c. a decrease in the price of the good d. an increase in the price of a substitute good e. an expectation of a future price decline
The production technique that is most efficient is the one that produces a given amount of output:
A. using the least amount of labor resources B. at the highest price per unit C. at the lowest cost per unit D. that yields the highest revenues
Ameritech has a monopoly over local telephone service. If Ameritech is producing where marginal revenue is less than marginal cost, the firm
A. could increase profits by increasing output. B. is maximizing profits. C. could increase profits by reducing output. D. must be earning a zero profit.
Which of the following is a common reaction to an increase in the interest rate?
a. A decline in oil prices b. A war c. A decrease in spending on new homes d. An expansion e. An increase in military spending